Mumbai, Dec. 26 -- The company has received a sanction order from the Ministry of Heavy Industries, Government of India. The sanction pertains to the demand incentive for the determined sales value for FY2024-25, and authorises a payment of Rs 366.78 crore to be released through Industrial Finance Corporation of India (IFCI), the designated financial institution for disbursement under the scheme

The PLI-Auto Scheme is a flagship initiative of the Government of India aimed at strengthening domestic manufacturing, encouraging advanced automotive technologies, and enhancing India's global competitiveness in the auto and auto components sector.

Ola Electric spokesperson said, "The sanction of Rs 366.78 crore under the PLI-Auto Scheme is a s...